Fireblocks Surpasses $100M Annual Revenue Mark in 2022

Fireblocks announced that its Annual Recurring Revenue (ARR) for 2022 has surpassed the $100 million mark. 

As per the published announcement, Fireblocks achieved this feat barely four years after the firm was established and three years after the release of its first product. Thereby, placing it amongst a sub-sect of Software-as-a-service (SaaS) unicorns with the likes of Slack and Twilio which were able to reach this status in less than five years. 

Fireblocks is an easy-to-use platform that creates innovative products while also managing daily crypto activities on the blockchain. 

It is an enterprise-grade platform that delivers secured infrastructural solutions to transfer, store and issue digital assets. Fireblocks utilizes the Fireblocks Network and Multi-Party Computation (MPC)-based Wallet Infrastructure to ensure successful scaling of digital assets operations for exchanges, lending desks, custodians, banks, trading desks, and hedge funds.

With over 1500 financial institutions under its umbrella, the firm has been able to secure over $3 trillion in digital assets, thereby, endearing many to the solutions it offers. 

As stated in the announcement, “Fireblocks’ explosive growth runs congruent to the overwhelming interest in decentralized finance, blockchain, and Web3 technologies from the world’s largest banks, consumer brands, gaming companies, fintech, startups, and enterprises.”

Industries Explore Fireblocks MCP Custody Tool

Fireblocks Co-founder and CEO, Michael Shaulov declared that the many sectors and industries have pushed forward into the market because of the firm’s MPC custody and treasury management technology. 

Based on a statement from Michael, Fireblocks will continue to upscale its product offerings to meet up with industry demands and standards so as to provide its customers with secured updated product suites.

Michelle Bailhe, a partner on Sequoia’s growth team attested to Fireblocks’ significant growth, she claimed that it was only an offshoot of the expertise of its team members. 

“Fireblocks’ growth is a testament to the quality of its product and the dedication of the team building it. As crypto becomes increasingly integrated into global financial infrastructure, Fireblocks will continue to grow in importance, enabling businesses to deliver secure crypto products for customers around the world, ranging from crypto and fintech startups to large financial institutions,” Michelle said.

This year, Fireblocks collaborated with American multinational Fortune 500 corporation, Fidelity National Information Servcs Inc (FIS) to offer crypto services to investors in the financial market to promote crypto adoption. It also acquired Israeli-based crypto payments processor First Digital Asset Group for an undisclosed fee in January